First option, what you described. If they want to make comments about the content of their platform (i.e. fact check something) then they have to 'go all the way' and 'editorialize' everything. (No more Section 230 protection)
Second option, which I think still exists (I think?), don't make any comments about the content, and behave strictly as a platform. In that case, all legal protection under Section 230 still applies.
Idk if this is a decent analogy, but it seems comparable to the classic anonymous swiss bank account. Either the bank completely protects all personal information for everyone, or it has to move out of switzerland and give up all its anonymity. (I know the analogy isn't accurate, but it seems like a decent mental model.)